Remain long with the first target at 1.3477

16 November 2017, GBP/USD

Wave Analysis:

During the previous trading day, the impulsive wave (1) extended slightly to the upper side and is still pretty much bullish both on the daily and the weekly charts. As long as the zone 1.3061-1.3025 protects the lower side, we expect a possible extension of the impulsive wave (1) to the upper side and may break above 1.3477 where we'll be looking to continue long with the impulsive wave (3). If you're not long already, you could wait for a break above 1.3477, then buy the impulsive wave (3) towards 1.4198. This pair should be traded alongside GBPCHF, GBPHKD and GBPMXN. These pairs have a strong positive correlation of up to +71% and will move in the same direction today.

Trade Recommendations:

Remain long with the first target at 1.3477 and the next target at 1.4198